Canadian Dollar Update April 4, 2018
USD/CAD Open: 1.2835-1.2836 Overnight Range: 1.2775-1.2848
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $62.24 and gold is at $1,347. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2912. Support is at 1.2763.
The Canadian dollar is trading at levels similar to yesterday’s close. The outlook for CAD has improved over the last few days; sentiment surrounding NAFTA negotiations is positive, and oil prices continue to buoy CAD. A full 25bp rate hike has been priced in for the July Bank of Canada meeting. There are no domestic releases of consequence scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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By Admin | April 4, 2018 | Daily Update |
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